Midway through 2017 the Silver City Regional Association of REALTORS state that local sales are steady. As of the end of June, in Grant County, there have been 148 homes sold compared to 149 during the same period in 2016. The average sales price of homes year-to-date is $142,845 which is up slightly from $142,407 in 2016.
"The sales price of a home usually factors in many things, with the condition and location being the top priorities. We have a lot of older homes in our inventory that need to be updated. These homes should be priced accordingly. On the other end of the spectrum, we have many high-end homes with very few buyers shopping in that price range," According to the SCRAR Association Executive, Kim Clark.
Added Clark, "A telling statistic is that the average listing price of the 266 active residential properties on the market in Grant County is $229,417 compared to the $142,845 sales price. Also, we have a 10.8 months' supply of inventory. Six months of inventory is considered a balanced market that equally benefits buyers and sellers."
Asking prices vary in Grant County depending on the area. Within the Silver City limits homes are priced at an average of $211,598, outside the city limits the average asking price is $268,748, while Bayard, Hurley and Santa Clara asking prices average $85,760. Other areas include the Mimbres Valley $212,251, Lake Roberts/Gila Hot Springs $439,114, US Forest $414,500, Cliff/Gila $293,000, Burro Mountain/White Signal area $214,727.
These statistics are only a snapshot of local market activity. If you are interested in buying or selling contact a REALTOR who is familiar with our market area, has access to the multiple listing service and statistics provided by the Silver City Regional Association of REALTORS.
According to the REALTORS Association of New Mexico, statewide median prices continue to climb. However, the sales place slowed in June. June's $197,000 median statewide is the highest reported since the RANM started keeping state-wide statistics in 2008. 2,018 sales were reported in June, down from 2,237 in May.
Nationally, home sales in June decreased 1.8% compared to a month ago according to the National Association of REALTORS. The median sales price is $263,800, up 6.5% from 2016. Last month's median sales price surpasses May as the new peak and is the 64th straight month of year-over-year gains. Many areas of the country are experiencing a shortage of housing inventory with the average nationwide at 4.3 months. Lawrence Yun, NAR chief economist, says the previous three-month lull in contract activity translated to a pullback in existing sales in June. "Closings were down in most of the country last month because interested buyers are being tripped up by supply that remains stuck at a meager level and price growth that's straining their budget," he said. "The demand for buying a home is as strong as it has been since before the Great Recession. Listings in the affordable price range continue to be scooped up rapidly, but the severe housing shortages inflicting many markets are keeping a large segment of would-be buyers on the sidelines."